Vision
We believe that
- Low-income people should be able to benefit from valuable insurance services and make informed choices to manage their risks.
- Increasing access to insurance and creating a better understanding of its value will help reduce vulnerability and poverty amongst low-income people.
- Creating an insurance culture among low-income men and women will allow them to appreciate the utility of insurance and demand better quality services.
Mission
The mission of the Facility is to learn how insurance can best benefit low-income households. We will achieve this mission by stimulating innovation, contributing to the development of valuable products, promoting models that reach large volumes of clients and by supporting market education to help low-income people understand the utility of insurance.
Objective
A 2007 study revealed that 78 million people (less than 3% of the world’s poor) in the least developed countries had some insurance coverage, mainly through credit-life schemes.
The Facility seeks to promote microinsurance so that – by the end of 2012 – 150 million low-income people will be able to make informed choices on how to manage risk and will have access to a wider range of
insurance products that provide better value for money.
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